Labelux, the European luxury goods group, is in pole position to buy Jimmy
Choo, the shoe maker founded by one-time
It-girl Tamara Mellon, for a price believed to be in the region of £550m.

Labelux, whose other investments include retailer Bally and designer Derek Lam's ready-to-wear business, was founded by Austria's Benckiser family, which also owns a 15pc stake in Reckitt Benckiser and perfume maker Coty.

The deal, which is expected to be announced as early as this week, will be the fourth time the business has been sold in the 15 years since it was founded, and will see Ms Mellon roll forward her equity stake in the company and retain her role as chief creative officer. The expected price is almost three times the amount owner TowerBrook paid for the business four years ago.

The other final-round bidder, private equity firm TPG, is understood to have fallen out of the race after its bid valued the group below £500m. Private equity rival Investcorp was also involved in the final round. The pending sale comes nine months after TowerBrook appointed Goldman Sachs and Morgan Stanley to advise on its options.

In addition to a straight sale, the banks suggested that a stock market float could value the business at as much as £600m-£650m, although with the added uncertainty provided by a public listing.

The company was founded in 1996 by Ms Mellon and shoemaker Jimmy Choo, who sold his interest in 2001 when private equity firm Phoenix Equity Partners invested roughly £9m in the business.

Three years later, Lion Capital took control, and three years after that, in 2007, TowerBrook bought a majority stake in the business, alongside Spanish venture capitalist Gala, in a deal which valued it at £185m.

Under TowerBrook's ownership the Jimmy Choo brand has grown from a shoe specialist to a luxury goods brand with its products worn by the rich and famous.